Save
Busy. Please wait.
Log in with Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Warmoth Gibbs

ECO 2023 Module 4

QuestionAnswer
Market a group of buyers and sellers of a particular good or service
Competitive Market a market in which there are many buyers and many sellers so that each has a negligible impact on market price
Quantity Demanded the amount of a good that buyers are willing and ABLE to purchase
Law of Demand the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
Demand Schedule a table that showsthe relationship between the price of a good and the quantity demanded
Demand Curve a graph of the relationship between the price of a good and the quantity demanded
Normal Good a good for which, other things equal, and increase in income leads to an increase in demand
Inferior Good a good for which, other things equal, an increase in income leads to a decrease in demand
Substitutes two goods for which an increase in the price of one leads to an increase in the demand for the other
Complements two goods for which an increase in the price of one leads to a decrease in the demand for the other
Quantity Supplied the amount of a good that sellers are willing and ABLE to sell
Law of Supply the claim that, other things equal, the quantity supplied of a good rises when the price of a good rises
Supply Schedule a table that shows the relationship between the price of a good and the quantity supplied
Supply Curve a graph of relationship between the price of a good and the quantity supplied
Equilibrium a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
Equilibrium Price the price that balances quantity supplied and quantity demanded
Equilibrium Quantity the quantity supplied and the quantity demanded at the equlibrium price
Surplus a situation in which quantity supplied in greater than quantity demanded
Shortage a situation in whihc quantity demanded is greater than quantity supplied
Law of Supply and Demand the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
Created by: Gutter23
Popular Finance sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards